There's almost no spare production today because of growth in Asia.
More Quotes from Mike Burdette:
Growth in Asia, particularly China, may not be as rapid as it was in 2005, though if another catastrophe should strike like it did in the Gulf Coast, it could hurt production and affect prices again.Mike Burdette
In a sense, it's sort of a perfect storm in the gasoline markets. But the good news is that it's happening before the driving seasons. Honestly, we hope to have a lot of this resolved before Memorial Day.
Mike Burdette
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